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Millions of eligible Americans have already received their Economic Impact Payments (EIPs) via direct deposit or paper checks, according to the IRS. Others are still waiting. The payments are part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Here are some answers to questions you may have about EIPs.<\/p>\n
Who\u2019s eligible to get an EIP?<\/strong><\/p>\n Eligible taxpayers who filed their 2018 or 2019 returns and chose direct deposit of their refunds automatically receive an Economic Impact Payment. You must be a U.S. citizen or U.S. resident alien and you can\u2019t be claimed as a dependent on someone else\u2019s tax return. In general, you must also have a valid Social Security number and have adjusted gross income (AGI) under a certain threshold.<\/p>\n The IRS also says that automatic payments will go to people receiving Social Security retirement or disability benefits and Railroad Retirement benefits.<\/p>\n How much are the payments?<\/strong><\/p>\n EIPs can be up<\/em> to $1,200 for individuals, or $2,400 for married couples, plus $500 for each qualifying child.<\/p>\n How much income must I have to receive a payment? <\/strong><\/p>\n You don\u2019t need to have any income to receive a payment. But for higher income people, the payments phase out. The EIP is reduced by 5% of the amount that your AGI exceeds $75,000 ($112,500 for heads of household or $150,000 for married joint filers), until it\u2019s $0.<\/p>\n The payment for eligible individuals with no qualifying children is reduced to $0 once AGI reaches:<\/p>\n Each of these threshold amounts increases by $10,000 for each additional qualifying child. For example, because families with one qualifying child receive an additional $500 Payment, their $1,700 Payment ($2,900 for married joint filers) is reduced to $0 once adjusted gross income reaches:<\/p>\n How will I know if money has been deposited into my bank account?<\/strong><\/p>\n The IRS stated that it will send letters to EIP recipients about the payment within 15 days after they\u2019re made. A letter will be sent to a recipient\u2019s last known address and will provide information on how the payment was made and how to report any failure to receive it.<\/p>\n Is there a way to check on the status of a payment?<\/strong><\/p>\n The IRS has introduced a new \u201cGet My Payment\u201d web-based tool that will: show taxpayers either their EIP amount and the scheduled delivery date by direct deposit or paper check, or that a payment hasn\u2019t been scheduled. It also allows taxpayers who didn\u2019t use direct deposit on their last-filed return to provide bank account information. In order to use the tool, you must enter information such as your Social Security number and birthdate. You can access it here: https:\/\/bit.ly\/2ykLSwa<\/a><\/p>\n I tried the tool and I got the message \u201cpayment status not available.\u201d Why?<\/strong><\/p>\n Many people report that they\u2019re getting this message. The IRS states there are many reasons why you may see this. For example, you\u2019re not eligible for a payment or you\u2019re required to file a tax return and haven\u2019t filed yet. In some cases, people are eligible but are still getting this message. Hopefully, the IRS will have it running seamlessly soon.<\/p>\n\n
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